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. france's finance minister tries to reassure insurance markets's vowing reforms. bank of japan chief rebuffs calls for more easing calling them unrealistic and saying they could trigger problems. ban ki-moon halts plans for a ground race. a lot of noise, not a lot of effect. words of an analyst on on credit suisse's plans to consolidate its private banking management business. the news has sent shares to the bottom of the smi.
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i'm back. kelly is off for an entire week, a very well earned thanksgiving rest in america. so coming up, we'll be out in tel aviv as international pressure mounts to find a solution to the ongoing violence. hillary clinton on route to jerusalem. we'll get a view on president obama's trip to cambodia where tensions over the south china sea look to dominate the as sas summit. we'll have updates about the greek tranche. and lines are already facing for the latest tech ahead of the all-important black friday deals. but first, the french finance minister has responded to
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moody's downgrade by saying government reforms will get the economy back on track. and that french debt is amongst the surest and most liquid in the eurozone. moody's joined s&p by stripping paris of its aaa rating citing growing about public debt levels and its diminished ability to withstand future euro area shock. bank of japan remains steadfast despite rising political pressure prompted by controversial comments from the likely next prime minister who has called for an unlimited amount of cash. he wants benchmark rates to come in below zero. but the bank of japan governor has dismissed those ideas. the chief said negative interest rates will lig early liquidity concerns in the market martin
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schultz is with us. thanks for joining us. is this a sign of things to come, a big standoff with japan? >> well, it's rather surprising that a hopeful government coming in is picking a fight with the bank of japan when they're starting off. what is happening here is that it seems that the ldp doesn't really have a growth strategy right now and the frustration in industry with the strong yen and slowdown in export is tremendous about that. >> big problems if we have unfettered money printing. would there be as he also says 30 years of deflation?
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>> well, one of the lessons we have here is that many different monetary policies didn't work so far. we still have an economy that is in restructuring mode with many corporations. so sony, sharp, still trying to get back on their feet. on the other hand, we also have an economy that is slinging simply by aging and what would be needed would be strong growth policies and this is what the bank of japan will be pushing when he's in office. on the other hand, deflation is there, printing more yen might be helping on on that side of course. >> the yen down at a seven month low against the dollar. do you see any risks to open in japan open money printing?
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in the old fashioned sense. >> probably your point, but old fashioned isn't really the concern here right now. there was comment by overseas investors seeing this as a mood being much more muted. people are thinking it's basically impossible to buy even more yen or to sell even more yen from the japanese -- from the bank of japan side would mean to push this into the banks. one of the ideas is negative interest rates, but banks would hardly buy anymore yen if they would be doing that, so the final idea would be selling straight construction bonds to the bank of japan, the bank of japan would have gotten to write this and then minister of finance would have panicked because this would mean that inflation expectations would pop up immediately, probably undermining stability of the market. nobody, not even in the ldp,
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would like to have that. >> besides monetary policy, what might we expect in terms of fiscal policy or other government stimulus measures? >> that's basically noise on the economy side. there are limitations to outright buying or what could be done. mr. avi will most likely after getting a bloody nose will fall back on fiscal policies. there is a plan to raise the value added tax in 2014. there have been talks not to do that and to remain more stimulate on the fiscal side. probably they will keep tax increase and try to spend money up front that might be coming in later. that means we will have more fiscal, more fiscal policy, more easing from the fiscal side here
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and that might have have an impact on the bond markets. >> all right. martin, thanks for that. over here in europe, it's all credit suisse. the bank says it will combine its asset management business with its private banking unit. carolyn is with us in london if a few days. how are investors reacting? >> not very positively. credit suisse shares are down and we did expect a positive market reaction at the start of trade, but it is the biggest underperformer on the wider market. as you said, credit suisse is announcing a major rebound and this not a big surprise because it's reacting to regulatory pressures. it's merging its private banking and asset management business. so basically it is would folding asset management into the private banking unit.
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it's also announcing a couple personnel changes. can i being out its banking chairman and now two co-heads for the wealth management unit. also making a couple change to the investment banking unit. they're promoting the fixed income executive to co-run the investment bank along with the current chairman. let's bring you a couple of analyst reactions. expecting more cost efficiencies as a result because the company continues to decrease complexity. saying this is simply a detailed version of the 4 billion swiss franc cost reduction plan already announced. so not a whole lot of detail here and they say the importance of the regional leadership structure has been reduced and that could lead to more job losses. so overall a lot more details and they did increase their cost
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savings target to 4 billion swiss francs. >> okay. carolyn, good to see you. catch you a built later. we turn our attention to france and of course that moody's downgrade. they've followed s&p and cut the aaa rating. stefane is in france with more reaction. >> reaction from the french finance minister saying this morning that the downgrade is not calling in to pressure the fundamentals of the french economy. the reforms are on track. economy is sound said a few minutes ago in the pressure conference. they say the down grade would be another motivation for the socialist government to pursue economic reforms. you can see this morning very limited market reaction especially in the bond market.
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first town traded by s&p in january of this year and he remains confident the country whether meet its deficit target. but of course even if the downgrade was widely expected, if you remember france since of month of february, even if it was widely expected, it is of course bad news for the french economy and bad timing for the government. last week the french president made a press conference and seemed to realize how bad was the economic situation, he says he was aware about the urgent needs of reforming the public sector and also in terms of welfare state, but it certainly won't help to improve it approval ratings which are at record low. but if you look at the market reaction again this morning, it's very limited. >> all right.
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thanks for now. ban ki-moon has called for an immediate cease fire and warned any ground operation must be avoided. over 100 palestinian and three israeli civilians have been killed during six days of fighting. joining us is reporter at nbc news. chapman, thanks for joining us. there's a temporary hold on any ground operations, but how easy is to get from that to a wider cease fire? >> to add to the growing call, hillary clinton is on her way to the region now to add her weight behind the cease fire. now, she along with secretary general ban ki-moon of the u.n., they will push for the cease fire. she first meets in israel with netanyahu to try to see what she can do to get the cease fire in order. because this is day seven now of
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this conflict where it continues. overnight the israeli defense force targeted 100 different attacks within gaza by air and sea, targets they said were necessary to stop the flow of missiles and rockets out of gaza, underground bunkers, store am depots and even financial institutions for hamas. this morning militants within gaza responded with volleys of rocket there is to israel -- into southern israel in response to the overnight attacks. so there's a growing call for this cease fire particularly over 100 people killed within gaza now. 26 of those are children. so nearly a quarter killed has been children which is growing to the call of a necessary cease fire to figure out how these two sides can come to terms to stop this violence for now.
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>> okay on. thanks very much, chapman. shareholders of glencore have approved the deal with ex-trxst. we'll get more on that. but right now let's get the global markets report in singapore. >> composite slipped to a seven week low. financials, commodities and railway stocks led the losses. the water place rallied. shares in hong kong also turned lower in late trade hurt by weakness in mainland blue chips. in japan, the boj stood pat on monetary policy as expected.
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the nikkei snapped a four day winning streak. south korean techs rallied with samsung electronics gaining over 2%. the losses in auto mains capped the up side on the kospi. meanwhile commodity majors continued to lend support to the aussie market. india sensex still on the move now shedding 0.4%. let's also take a look at shares of olam. the agricultural supply chain managers flipped over 10% earlier, but managed to recoup losses ending lower by nearly 8%. the stock was halted earlier this morning after muddy waters questioned its accounting methods. ross, back to you. >> thanks for that. we'll catch you a bit later. you're in europe, we're weight the to the down side by around about 6:4. not mar off the session low. but it comes after good gains
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yesterday. following strong moves in the u.s., as well. cac 40 down half a percent. weighed town by the moody's downgrade, although expected. and ibex done around 0.4%. french debt market, yields are up to 2.1%. treasuries slightly higher, but still below 6%. ten year bund yields slightly lower. so france is trading with the peripheral in that sense. euro-dollar, 1.2794 is where we stand, dipping slightly on on the back of the french downgrade. dollar-yen 81.26, but the yen has been down at acceseven mont lows. aussie dollar slightly weaker against the u.s. dollar. rba minutes suggesting that their policymakers consider further monetary easing may be
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appropriate. still to come, we'll be in athens and brussels. euro group reportedly close to signing off on the next tranche aid. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. get on e-trade. set up a real plan. frank! oh wow, you didn't win? i wanna show you something... it's my shocked face. [ gasps ] [ male announcer ] get a retirement plan that works... at e-trade.
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some news coming out of israeli. government has fired shots at the u.s. embassy in tel aviv. there's a couple of conflicting reports, but reuters report on this is suggesting that government has been apprehended by police. we'll keep you informed on that. meanwhile spain has two separate debt auctions this week, between 3.5 and 4.5 billion euros up for grabs today. longer term bonds will hit the market on thursday. the focus squarely on greece. officials are expected to sign off in principal the next tranche of aid to athens.
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let's get over to julia in athens. are they expecting the money? >> i think there's a definite sense of optimism from officials here that eventually they'll get the first part, the 30 billion euros, and then later on on in january of next year they'll get the next piece. that's speculation here on the ground and, yes, this is a sense of on optimism and people i'm speaking to in the markets said you had hedge funds yesterday buying g ining greek paper and domestic buyers. but there is recognition that a lot of work needs to be done not just with regards to the austerity measures that were passed just two weeks ago, they of course front loaded in to 2013. so the situation is ongoing. but one of the other key issues that the troica pushed the government to address is reform of the tax system.
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i caught up with the publish of the lagarde list and this lagarde list was produced by christine lagarde back in 2010, the lists were given to various different countries. now, the difference between countries like the uk and germany and greece is that they acted on it and greece did it nothing. the excuse greek officials gave at the time was that this list had been gotten by illegal means and, therefore, they cooperate a couldn't act and this is what he said to me when i pointed it out to hill. >> they lied because all the other countries had acted on a material in the list. and that list had been september to greece in a legal way. the worst thing is that in addition to all the lies that poison the social and political every day life in greece, there was also blackmailing taking place. many people were claiming that they have the real list, many
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were blackmailing businessmen, they were threatening other people. somebody who bragged about having the lagarde list published a list with 150 mps who were supposed to have resfsh accounts and creating an unhealthy environment in greece. >> costas has been tried and acquitted of publishing personal information and we found out on friday that actually he'll have to face trial yet again and i think this issue just cuts to the heart of the credibility issues that the greek government has not just with the people here, but also perhaps with the international community, too. back to you. >> all right. jewels, thanks for that. that's the latest from athens. let's switch over to silvia who is in brussels. we know now that they're not ready to cut greece loose. everything else is just a bit of a game. keep them going until we get past the german elections.
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>> i'm kind of getting a bit fatigued bithe elections excuse. i think it's all a bit too simplicity to say we're pushing everything down into deep space because angela merkel has to get through elections. it's convenient and simple and i don't think it doesn't cut to the heart of the story. if it accounts for 20% of what's going on, that's already a lot. the rest i think are several differences of opinion how we get will. the one thing you write about, nobody wants to cut greece loose. and i think it's a little less likely now than maybe a few months ago when there was a greece fatigue with many politicians out here. what we didn't know is how can we relieve the burden for greece now that they delivered on so many of the intending cuts that they were supposed to deliver. so either we have a bit more time or we lower the interest rate or we're going to have
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public sector involvement in terms of haircuts. the imf would not just like to put the debt horizon out further to 22 unless something else gives. lagarde made it quite clear that she thinks public sector involvement is now essential and should not be postponed any further. and that maybe we should get a lowering of the interest rates. lower of the interest rate i think is something the euro group could well live with. but the ecb has at least indicated some members of the governing council that might be it should be talked about and that would be a big chunk if there could be any movement on there. so it sha make up an interesting discussion indeed. last time we asked him are you
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going to reach an agreement today on the 20th and he said yes, well. and we said are you confident. yes, because we must. there is a logic in there, but doesn't necessarily mean we get it. >> in the short term, extending interest rates seems alike lie route. longer term, suggests there has to be a forgiveness of debt. and i suppose what we're looking at, if you look at it from a political perspective, how you get to that position so that it's okay for the politicians to say you know when we told you, our money was safe, we're actually sorry, we have had to write a check. and that political process just takes time. >> you're quite right. it obviously does. and elegant enroad into this public sector involvement could be forgiveness from the ecb part without involving the rest of
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the public debtors. i think that would be a first step. indications are the ecb might be moving from their stance. >> i know you live your trips to brussels. catch you a little bit later. of course besides greece and spain, portugal also has baeen passed latest test. a further 2.5 billion euros in aid money. officials have urged portugal to keep up with its austerity measures despite growing public opposition. still to come, it's finally decision time for the merger x
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xstrata and glefrn core.
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france's finance minister tries to reshs and you are
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banking reforms. this after moody's has stripped the country of its aaa rating. u.s. president obama looks set to flag the south china issue despite the host nation's attempts to keep the topic off the agenda. brussels is reportedly close to approving the next tranche of aid but further talks may be needed. and glencore is expected to get the all clear from xstrata shareholde shareholders. but a vote on retention package may not pass. as far as european stocks are concerned, slim losses today. cac up 2.9. today the ftse just down about a tenth.
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cac 40 is underperforming. moodysle following s&p in stripping it of the aaa rating. french bonds are underperforming. we'll put it on next time around. you can see yields just slightly firmer in spain, italy and the uk, as well. moody's action did take the euro down. been at a seven month low. we can get to 81.59. aussie dollar slightly weak. rba suggesting they considered room for further easing. glencore shareholders have given the green light with the merger with xtrata. expected to approoft deal.
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but there's a few other bits and bobs to this. so carolyn who has been following the story has got the lowdown. >> central to whether the vote will go through or not is what xtrata's second biggest share hold can der will do. they have around 12% in shares and they have delayed the voting process because first of all they were against the initial offer and that has been raised to 3.05 shares for each xtrata share. so they said well vote but abstain on the retention package. just want to remind you of what the mega merger entails. the combined company would have sales of around $209 billion. it would create the fourth biggest mining company in the world, truly this is all about
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vertical integration because this will entail everything from mining to marketing, as well. but there's a very contentious vote on the retention package worth 140 million pounds for 70 top managers at xtrata and some of the biggest shareholders have already voiced their opposition to this. so xtrata is responding and say we'll vote in three parts. the first vote this afternoon will be on whether shareholders actually approve the deal in combination with the retention package. the second vote will be on whether they're in favor of the deal but against the retention scheme. and then there's a separate third vote on the retention scheme alone. there is one scenario on which the overall deal will fall through, that is if the first vote is approved, but if the second and third are rejected.
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the chances are pretty slim, but of course you can't rule it out. at this point, it really isn't a done deal especially since we're still waiting for the approval from the european antitrust authorities. and the chinese authorities, as well. >> so let's get some analysis. alex harrison is with us. this could handcuff retention. we can don't know actually whether it will be passed or not. p what's your view and how would it work if it was? >> my deal is that the deal is going to be passed. if they abstain, it will make it hard for the deal to pass. but in terms of the retention package, it's interesting because the guys on the board,
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the top executives, agreed to take something like 20 billion pounds in shares as part of that retention package, but the rest of the money was due to go to people on the ground, the people that were set to drive xtrata plans for organic growth onwards. >> so if they don't have it, risks of people walking out? it was done to make sure they didn't leave. so if they don't get it, what are the chances of them leaving. >> sure. assuming the deal gets done and you have a company that's emerged glencore and xtrata, you have to figure that the merged coy will do everything it can to retain its key employees. and retention packages will be part of that so the vote is
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interesting, but they'll top managers that they need people to drive growth and being paid. >> so just wait for the deal to get done and then implement new deals individually. >> yes, they will look to an taken -- >> another aspect, indicating willingness to give up the zink marketing. why are you pointing that out? >> it potentially gives opportunities to other large commodity traders. and the others aspect of it that's interested people that have watched glencore very closely, some of them see it as glencore being more about miner and consolidation and a little bit less about marketing. remains to be seen, but
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something people are watching. >> so we finally get the deal done and what is the strategy for let's call it glenstrata? >> it will look to move material around the world, look to blend, look for selling in 9 bethe bes markets, where they don't need supply. an integrated company. they'll have a lot of power. >> and what will happen to the underlying demand for the metals it's mining and trading? >> we're going through a little bit of a slowdown at the moment. there are concerns about growth in china. some signs of recovery in the united states, but economies aren't going great guns. but glencore's arguments is it's better placed to ride it out.
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>> thanks very much, alex harris son. editor of metal bull ton. any thoughts comments, worldwide@cnbc.com. back to the middle east. ban ki-moon has called for an immediate cease fire in gaza. speaking in cairo, he's warned that any israeli ground operation must be avoided. the country has decided to hold off on planneds for a ground invasion. oil prices currently trading slightly lower. brent crude sitting close to a one month high at the moment. joining us for how is head of commodity market strategy. we'll get to harry in a few moments. he's miking up. meanwhile, china firmly on track. this doesn't mean in-flows to
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the mainland is expanding. latest data showed another contraction extending the longest run in falls of three years as corporates continue to cut back on spending because of global growth uncertainties. china drew in $913797 billion in fdi money between january to march, down 3.45% compared to last year's figures. harry is now good. let's kick off with previously renewed tensions and violence in the gaza strip hasn't fed in. >> i think the latest events add an additional layer to pre-existing geopolitical tensions. but the current geography of the events over the past couple days
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doesn't impact oil transit points. so as a result, i think the market is taking this in stride. the real geopolitical problem is going to be iran as you mentioned, especially as sanctions on iranian oil unfold and of course concerns over its nuclear program keep on growing. >> i guess the question is how long does iran sit by quietly. >> i think we'll be seeing iran doing more of the usual antics upping the rhetoric. potential conducting naval exercises, straigt of hormuz. it's clear china, korea, japan, have significantly cut back on their purchases of oil, so they're really feeling the pinch in terms of revenues and they won't be sitting down quietly while this happens. >> so that's sort of the middle
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east. what's the other aspect impacting the market at the moment? we're still going along with qe. dollar is actually up against the yen. dollar index has been fairly strong, though. >> yes. what we're looking for is the beginning of qe. the fed hasn't materially expanded its balance sheet despite the announcement of qe. we think they're possibly waiting for the presidential elections to pass. but with open-ended qe and balance sheet expansion definitely in the works, the dollar will weaken. so we're looking for a much weaker dollar between the fourth quarter and next quarter of 2013 and as a result that will provide a lot of financial support to commodity prices including oil. >> so qe, the impact of qe will trump the weaker global economy? >> i suppose in terms of the global economy, the world economic growth next year is projected at around 3 bpt 4%,
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3.5%. that's trend growth. so ultimately if the world economy is growing at trend, then we're not too concerned over weakness and demand. china has bottomed out. so if the economy does better, we're looking for more positive signs on the oil demand front. so we're not overly concerned about oil demand. it's really a supply side question that's going to be dominating the market. >> when does shale oil start having an impact on pricing? >> definitely the u.s. is seeing domestic production on sale growing quite significantly. we think that the impact on the oil market will probably be delayed somewhere into the middle of next year. the important thing to remember is that this production is geographically confined. so until such time as they don't
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get that oil fors their refiners and cut imports and free up oil on the international market, that growth won't have an impact. so between pipeline capacity expansions, potentially by mid 2013, we may have enough oil coming to the east coast ever the united states for them to release light oil and start essentially that light oil weighing on brent prices. >> all right. harry, good to see you. thanks very much. head of commodity market strategy at bnp paribas. china's fti slowdown partly result of falling investment from japan. let's get the breakdown from tokyo. >> hi, ross. japanese companies cut back investment by a staggering 32% last month compared to previous year figures. ners at the months 1rks 1% rise
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down from a 17% surge in the january to september period. all this is on the back of sentiment triggered by territorial disputes in what japan calls the islands back in september. many factories were forced to close shop. many affected shifted production to other parts of the world particularly southeast asia. >> we'll take a short break. still to come, president obama is set to tackle sensitive trade issues during talks with key asian partners. we'll have those details. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out.
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barack obama continues the last leg of his three day tour in cambodia. they have agreed to cooperate puts a positive spin on the
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tensions. >> we've worked together on our bilateral and global economic problems. and as the two largest economies in the world, we have a special responsibility to lead the way this ensuring sustained balanced growth in asia and globally. >> obama plans to address maritime security and the south china sea dispute, issues that threaten to derail key trade talks. peter larsen from reuters breaking views joins us thousand. peter, between good to see you. what do you make of the president's trip? i guess it's the first time since the election that he's come back out. and is it good new in his the sense that he got reelected from the continuity point of view. >> if romney had won the election, we would have had a period of adjustment. first wait until january to be sworn in and then a period of
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adjustment while people got to know him and his team and he got to know other people. so the good thing about obama is he can get straight back out and pick up where he left off on some of these strategic issues. which is really where obama has focused his efforts and that will continue in the second term. >> how does he handle the island dispute with japan? >> i think the problem is that it really can't be resolved. you have to somewhat almost ignore it and try to put to one side. actually the bigger discussion at this meeting and sort of the bigger concern overlaying the relations is about the south china sea and the fact that he's going to this meeting and also the fact that he went to myanmar as the first american president to do so is a clear sign that
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the u.s. is worry building china's influence in southeast asia and the u.s. is trying to counter act that. so the japanese chinese dispute is a potential problem because of course the u.s. and japan appealing to the u.s. for help will, but not really possible to resolve the islands. i think you have to try to talk to both sides and encourage them to grow up. >> bearing in mind there was anti-chinese sentiment in the election, how does obama get around that sort of anti-china business rhetoric and actually still secure investment from china into the states, still make shure by u.s. treasuries ad equally china open up to u.s. companies? >> i think those are the big issues. luckily the election is over now. obama has been reelected, he doesn't have to run for election
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again. so to a certain extent, he almost has to be mindful of constituencies at home, but he can drop the rhetoric. and we have a new leadership in china. so to a certain extent, they can sort of stop making noises, as well. but on the other hand, and the two of help do need each other, as you said, the u.s. would like to you buy more. the u.s. is the biggest trade partner for china. and there's a lot offen investment going back and forth. so sort of the basis is there for a corporation, but there will be tensions about strategic interests and also about the investment question, whether the u.s. allow chinese companies to buy in the u.s., those are the issues that will now need to be discussed and hopefully resolved. >> just one final thought here. we've seen the iea reports.
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we've talked about the u.s. will become a net exporter of oil. we've seen what's happening with shale gas. that presume bring changes their politics quite a lot. they worry less about the middle east. p does that mean china will only grow and become the number one focus for u.s. foreign policy? >> well, yes, i think it's very telling that in the week where we've seen renewed violence between israel and the gaza strip, that obama is on the other side of the world dealing with asian problems. so that tells you where the u.s. priorities are shifting to. and the relationship with china will clearly define obama's term. and there is a sort of -- there is a mutual dependency that kind of makes you potentially hopeful that they will avoid really getting in to serious conflicts.
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but there are plenty of things for them to argue about. >> all right. peter, thanks for that. p have a good evening. they've sold 4.2 billion of two month bills. bid to cover # 2.1. the yield 2.79. so a little lower than 2.283. and the 18 month t-bill yield also -- that's slightly higher. not an awful lot. they raised that a little less than the 18 month. but you have to remember they've basically funded themselves 2012, so any money they now raise is pre-funding for 2013. so the 12 month looks good. the 18 month looks a little bit weak. spainle also featuring in the stories that you've been clicking in on the cnbc.com, it's a new plan now to woo
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foreigners to invest in the market. offering residences city permit to those buying a house over a certain value. head to cnbc to find out what that value is. and we also take a look at the highest paid ceos. head to the website for that, as well. and if you want to join the conversation, worldwide@cnbc.com, @cnbcwex or @rosswestgate. and japan's central bank has kept monetary policy steady despite on the brink of recession. it also remains steadfasts despite rising political pressure. all prompted by controversial remarks made by the next likely prime minister. he wants to pursue unlimited easing and suggested plans to revise bank of japan law. that's code for reigning in on the central bank independence. expected to boost stimulus at its next rating meeting.
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the rba left its policy unexpectedly on hold due to a pick up in domestic inflation as well as signs of a mild improvement in the global economy. policymakers also said more time was needed for its previous easing to work through. the central bank will next meet december the 4th. and ben bernanke is in the big apple speaking to the economic club of new york talking about the economic recovery, policy, and also be taking questions. twist expires at the end of the year. staying in the states, white house aides and congressional 1256er e staffers held their first meet to go discuss proposals to a until budget deal. they'll present ideas to
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president obama and talk to lawmakers next week. reports suggest the democratic plan is expected to include letting the bush era tax cut xs fi expire for people who make more than $250,000 a year. they complain democrats aren't gaining ground on cuts to entitlement programs like medicare and social security. and jachlt p morgan has made big changes at the top. it's named a cfo. marian lake. she's currently the cfo of jpmorgan and he retail banking unit. lake will report directly to jamie dimon. jpmorgan stock in frankfurt 1.2% up. and the twinkie gets a stay of
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execution. they will intermediaenteinterme its striking workers. the kcompany have announced on friday it was shutting down. this after union walked off the job the week before. now the judge says he wants to try everything in order to save around 18,000 jobs. we'll take a short break. still to come, is france losing its va-va-voom? hear what the finance minister told cnbc after s&p cut the country of its aaa rating. [ female announcer ] e-trade technology can help make you a better investor. our e-trade 360 investing dashboard can shows you you where your money is, live. e-trade pro is so usable you'll actually use it. and our apps are the ultimate in mobile investing. become a better investo .
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here are the headlines from around the world. not the sick man of europe. finance minister tries to reassure reforms, saying his country's debt is the most liquid in europe. barack obama looks set to flag the south china sea issue despite the nation's attempts to keep that topic off the table. ban key my ban ki-moon calls fon immediate cease fire in gaza. and a vote on 140 million hachbd cuff retention package looks likely -- unlikely to pass for
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xtrata. welcome to the start of your global trading. after pretty good gains yesterday, cautious start here indicat indicated. dow currently indicated some nearly 40 points below fair value. three below fair value for the s&p 500. global 3 oorks just about on the low point of the session. as i say, also 2% gains pretty much being a cross the board for the ftse, dax and cac. up nearly 3%.
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today just done a quarter for the ftse. cac 40 down a third. moody's saying you're not having a aaa rating either. we just completed three month and 18 month tcht bill auction for spain. now basically funding for 2013. yields demand for the 18 month probably could have been a little better. let's show you where we are with bond yields. yields in france have been slightly higher this morning. but also higher u.s. treasuries, spanish yields up to 5.9%. might be factoring in the thanksgiving holiday coming up, as well. euro-dollar done slightly below 1.28.
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yen a seven month low against the greenback. aussie dollar slightly weaker today. rba coming out suggesting there was still more scope for monetary easing. to recap what's happening in asia, let's go to singapore. >> the shanghai composite fell to a seven week low and on a general lack of policy catalyst. financials, commodities and rald way stocks were among the big losers, because barry plays rallied. shares in hong kong turned lower in late trade. nasdaq listed in the u.s. yesterday. the nikkei actually finished its
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four day winning streak lower by about 0.1%. we saw profit it taking in automakers and electronics. a rally in technology shares, but losses in auto majors capped the up side on the kospi. sensex closed about flat. olam shares, they mansioned to recoup some of its losses after the stock was halted this morning questioning their accounting practices. ross, back to you. >> thanks for that. that's where we stand on financial markets ahead of the u.s. trading day. meanwhile white house aides and staffers have held their first meet to go discuss proposals for a budget deal to try to avoid a
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fiscal cliff. they'll present ideas to the president and top lawmakers next week. republicans acknowledge the need to raise some tax revenue, but complain democrats aren't giving any ground when it comes to making cuts to entitlement programs. joining us on the phone is head of rate strategy. george, with p ares saying we now admit we have to have some taxes raised and revenue from that, where do they get their bit of cake from? >> i think we have to realize we're still early on in the process and the fact that this is still with the staffers ahead of the thanksgiving holiday here in the u.s. and the fact that there is really no rush on
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either side of the table to get anything done because lose leverage with a quick resolution, you can lose the ability to push forward with your own specific agenda. so i think it was a little bit foolhardy to believe that just because we had more positive comments on friday to believe there would be a quick resolution. it's a tango of one step forward, two steps back. in our mind, it will be a temporary extension and the real battle will be in 2013. so we're not really convinced that they're anywhere near a major deal this year. until we see more things in writing that implies the markets are still susceptible to uncertainty. >> would a major deal still include letting tax cuts expire from 250,000 and maybe some
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movement on entitlement cuts? >> the butte if i is that there are so many different moving parts that you could negotiate from different angles and i think there is probably scope for some sort of adjustment for the tax rates across the board or at least in one area of the tax regimes. entitlement reforms is really the holly great de holy grail. so it's still too early to make the calls. we think that the easiest thing for everyone to do is to say we'll handle this in 2013, we'll do the right extensions, the amt fix always gets extended. there's all these other small taxes that have to get addressed. and i think the markets would be content with the push into 2013, but we do tell our clients to be
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careful that you have to deal with the debt ceiling at the same time. >> if we get something that the deals with the fiscal cliff pushes gosh yag there is to 2013 on another grand bargain, who is to say that we don't end up here this time next year? >> i suppose is it feasible we might be back exactly the same position next year? >> i think this song and dance can continue for the next three month wills. and unfortunately, even if they were to do a one year extension, which is really bold, because i think everyone probably would agree a three month extension is possible, but if they were to do a one year extension, it still doesn't resolve anything. i think at some point, this is where the bond markets are going to be interesting. you mentioned about the done grade from france. and if they do not get it
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resolved by the middle of february, march, there's a risk for the u.s. to get downgraded, too. so all these things line up for urgency to get a plan in place. the question is can they actually do it. >> ben bernanke is speaking to the economic club of new york, he'll be talking about the recovery and policy. he will be taking questions. so we'll see whether this speech offers any fresh take on the fed's appetite for more different stimulus. what do you think we might learn in. >> i think it depends on who is there and what kind of questions that we get. i think the main curiosity is what will the fed do at the end of the rear with the twist operation and have they properly converted to another sort of easing plan. and i think that the consensus
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is that there will be more stimulus from the fed, especially given how uncertain the backdrop is. you can't have the fed stopping something and the potential for fiscal tightness. it would be terrible for the economy. so i think we can expect the fed to at least try to offset what's happening down in d.c. >> all right. george, good to speak to you this morning. still to come, america's rich and famous have been flocking to south beach for year, but find out who is traveling sthou thou of miles to call miami their home. can i help you?
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i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office.
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france's finance minister tries to reassure markets after hoodie's strips the company of it aaa rating. ban ki-moon calls for an immediate cease fire in gaza saying any ground invasion must be avoided. plus the u.s. president barack obama looks set to flag the south china sea issue at the east asia summit in cambodia. french finance minister has responded to the moody's downgrade saying reforms will
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get the economy back on track. stefane has more details. >> he blames the government, but not only this one for not taking the right decision to improve the economy and i caught up with him holding a press conference this morning. he says it doesn't call into question the if you want als of the french economy. first i noticed that they the quality of our economy is not criticized. the quality of our signature remains good, eight notches
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ahead of spain. france is an economy in which one can have trust and faith. second, i noticed that there is a strong and even severe criticism it for what has not been done in this country during the last ten years by your predecessors meaning more competitiveness. and third then it is for us an encouragement for us to move on in our policy in order to succeed and that means be serious when we look at the budg budget. this afternoon is an important meeting in brussels in order to find a solution for greece. and third, we need to enhance our competitiveness. that's what we started to do with reforms.
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>> he's confident that the government will be able to meet the deficit target of 4.5% of gdp this year and 3% of gdp next year. even if there is a decision from mood candy's was widely expected, especially since last week the rating agency said that it would make a decision very shortly. it's obviously bad news for the french government and certainly won't help hollande facing record low approval ratings. ross. >> thanks for that. despite the french done grade, plenty focus on greece. a special euro group meeting taking place in brussels. officials expected to sign off in principal the next tranche of aid to athens. silvia loves being in brussels for these meetings. the belief here is that europe
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isn't ready to cut greece to let greece go. so what is there then to argue about? >> plenty to argue about. how do we make it work and keep greece in. we need to bring the debt level down somehow. the debt sustainability report to put it mildly sucks. we can't get there within the parameters of where they're supposed to get. something else has to give. either we have to give them more time or we have to lower the interest rate or the public sector has to accept haircuts or a combination of both. and this is the nitty gritty bit that's going to be on the table tonight. ostensibly they're meeting again only at 1700, so 5:00 we'll have the rivals and then the first sort of round of chit-chat and then they go into media space as
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it were. and then it has to be decided which of these three possibilities are going to be decided upon or indeed a combination of it or maybe they come up with something else. >> the last time we were talking, they couldn't make a decision because they hadn't read theica report. >> we live and hope that they now have read everything. but of course the the biggest sort of difference of opinion as it were was between lagarde and the imf and the euro group over the time horizon. euro group was ready to give greece more time and the imf said, no, we can't think they need more time. we think something else has to give.
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i.e. interest rates or public sector haircuts. so i think these are the two parts of the negotiations that are on the table. we then has to work out who gives a little here and who gives there, but yes, they should have read the troica report and they should come to a decision today. they told us we will could to a decision because we must come to a decision. i can't agree with him more. i'm not so sure about the will, but let's see what comes out tonight. >> you never know. when we have low expectations, they pleasantly surprise us. thanks for that, silvia. still to come, the christmas shopping season kicks off on xi. the new kindle fire released. ear early anticipation for black friday demand. [ female announcer ] the power to become a better investor has gone mobile.
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with features like scanning a barcode to get detailed stock quotes to voice recognition. e-trade leads the way in wherever, whenever investing. download the ultimate in mobile investing apps, free, at e-trade.
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in u.s., october housing starts are due out. jeffrey lacker speaks and then followed by ben bernanke right around lunchtime. there is a q&a on that, as well.
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hewlett-packard reports results before the opening bell as does campbell soup, hormel, medtronic. black friday is still three days away, but people are already starting to line up at best buy in order to get the big deals. the new tablets expected to supply off the shelf. the kindle fire 8.9 as well as the ipad mini. for more we're joined by natalie morris. thanks for joining us. what's going to be the hottest cake? >> the kindle will go head to head with the ipad mini. it used to be that the kindle fire was the poor man's ipad and now that's not true anymore because there's the ipad mini. so these two will have to go
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head to head with power and price. now, this one is $30 less than the ipad mini. which when you're buying a tablet, it's a bet negligible. you'll buy the one you want. the beauty of the kindle fire is that if you're really comfortable living within amazon's ecosystem, this is a good tablet for you. it's pushing amazon's products like no one's business. anything that you want to own digitally and play on your tablet, they want to sell you of course through amazon. that's very different than other android tablets and even the ipad where you can get out of the ecosystem. this is much nicer than the last generation. i like it a lot. is it the ipad? no. but i think you'll see a lot of these selling. and they're putting them out earlier than they had
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anticipated. so one of those situations where they could underprime minister and overdeliver. >> they'll get a 4g version with cellular connectivity. how much will that cost? >> that's going to start at $499. and i think it's out with something that was auspiciously missing from the first generation. i couldn't figure out why the original kindle, the first one that sort of egg shell old looking ones had 3g. and then the fire did not. so i'm glad that they put that in. but, yeah, starts at $499 and then you have to pay a one time $49 connectivity charge and that's always bit pricey. so not cheap, but at least it's there and that's a great option. because it a notices me to be reading a book and then needing a i didnwi-fi connection in ord sy sync. >> okay. we'll see who wins that battle.
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natalie morris joining us from cnbc headquarters. now, the russians are coming. this time to miami. robert frank got an exclusive walk through with miami's top management broker. >> miami is one of the hot spots in global real estate and while a lot of attention highwahas be buyerses in latin pick, but the group at the top, the rich russians. wealthy russians poured more than $12 billion into overseas real estate last year and much of that is washing up on the sandy shores of miami. a mansion recently sold for $47 million. the most ever paid for a miami house. the buyer, a russian. brokers say russians are far and away the single largest group buying mega homes priced at $20
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million or more. we went mansion shopping about one of the jills, the team that sold the $47 million home. our first stop, a mediterranean style mansion with ten bedrooms, five bathrooms and two docks for your matching yachts. the pool is more like a man mad oig manmade lagoon. the price for all this luxury, $37 million. nest up, a more moderate mansion right on the beach. or take the elevator. this $21 million home has five bedrooms and nine bathrooms to navigate. our buyer didn't close any deals that day, but one wealthy russian may he said up with miami's greatest real estate prize, the versace mansion. the 20,000 square foot sat dough on the south beach strip is on
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the market for $125 million, which means that miami's new record may be broken soon. >> many brokers at miami are forming joint ventures to learn new client and also brushing up on their russian language skills. i'm robert frank for cnbc. so while the party rages on, millions still struggling to get by. on so will the rise of the super rich bring an end to the american dream? more to come.
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here are your headlines from around the world. not the sick man of europe. finance minister trying to reassure investors debt is liquid after moody's stripped it of its aaa rate. and barack obamas looks set to flag the south china sea issue. and ban ki-moon has called for an immediate cease fire in gaza. and a lot of noise, not a lot of
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effect. an analyst's words on credit suisse's plans to consolidate. that sent the shares to the bottom of the smi. pretty solid gains for global equities. today a cautious start indicated for u.s. markets. s&p 500 at the moment just less than two points below fair value. right now the nasdaq is some six points below fair value. and the dow currently some 28 points below fair value. the global 300 looks like this. pretty flat really. just down a point or so. and european stocks have been fairly flat. no big moves. you can see the ftse right now down 0.2%. we were up over 2% yesterday. xetra dax up 0.2. not big reaction to the fact that moody'ss as followed s&p by
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cutting aaa rating. and ibex down about a third. spain raising a little bit of have a money. they started funding for 2013 ahead of 12 and 18 month t-bill auction today. 12 month yields a little bit lower. 18 month demand not as much as expected. but nevertheless they are now raising money for next year. so that's where we stand at the moment. the question is what are investors to do. as we head into the thanksgiving week, here's what some of the experts have been telling us already. >> there's still tremendous value in terms of roll down and carry that you can get at the very short end of the italian curve. so quite a lot of liquidity in those markets.
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>> timing is important because the meetings suggesting that they're close reaching a deal, we'll likely move away from your position. >> steady support base in terms of consumption. and i just think if you're looking for a strong value and you didn't want to go silver or gold or platinum, then tin is good. >> ban ki-moon has called for an immediate cease fire in gaza. speaking in cairo, he also warned that any israeli ground operation must be avoided. over 100 have been killed during section days of fighting. joining us from tel aviv, chapman bell reporter from nbc news. tel aviv has put a temporary pause on any ground operations.
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what is the wider significant if any? >> it's day seven of the conflict and people on on both sides are hopeful that some sort of cease fair can be agreed upon and avoid a ground assault. but that hasn't stopped the air assault and assault from the sea actually. year nig overnight 100 targets inside gaza ranging from underground missile launch to weapons depots in an attempt to flow the rockets being launched out of gaza. militants responded today with volley of rockets in to southern israel. some 60 rockets so far today have been launched. there is really a cause for a cease-fire particularly because of the civilian death toll.
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over 100 people in gaza have been killed. almost a quarter of these children which is really grown the calls for a cease-fire and ban ki-moon as you mentioned is in cairo. and secretary of state hillary clinton is on her way to the region to see if she can put the u.s.'s interests in getting a cease fire negotiated so that this can all end and people can get on with this. >> we had reports earlier of a gunman fairing on the u.s. embassy. anymore details on that? >> it was told that there was a gunman firing on the u.s. embassy. as it turns out, a man with an ax and knife attacked a guard outside the u.s. embassy. the guard fired warning shots and he was you willy injured in his leg, but what we're told is the attacker is well-known to it police here and lives near tel aviv and it doesn't seem that
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the point is anything politically motivated or tied to the conflict. but initially when you hear of shots outside u.s. embassy, you needily think, but at this point it was just an isolated incident. >> okay. thanks for that. the latest from tel aviv from chapman bell. now, fiscal cliff drama in washington has thrust america's wealth gap into the spotlight as politicians debate whether to raise taxes for the country's top earners. according to our next guest, america's so-called rich are not created equally. she says a trance global qulas are getting wealthier at break neck speed. in this new breed of super rich, how many are american? because you being of the -- >> they are global. and i really enjoyed robert's report about the russians coming
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into miami. that really sort of tells the story that i tell in my book. with a we're seeing is this emergence of a trance global wealthy super elite. they have more in common with each other than they do with the folks back home. and home really is becoming a hard to define concept for they will. you have a $50 million place in miami and probably you read into a place this london if you're serious, maybe a place in silicon valley. the americans are still the single biggest group. the wealth managers who study the super rich, they're among the best anthropologists. they like to define the group of ultra high net worth individuals of at least $30 million. in that group, about 40 about respect is still american. >> when you think of the super
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rich, they don't buy a lot of taxis because they own residences anywhere in particular. >> that's one of the ricky things will politics take. what we're seeing is this two speed economy with at the very, very top, unprecedented fortunes, meanwhile the middle class is hollowed out. so it's quite nag to say wait a minute, those guys should be helping us to close the budget deficit. but in this global economy, it is increasingly hard to do that. and you're right that for americans, it's maybe harder to avoid national taxes, but not that tough. we know mitt romney paid an effective tax rate of 14%, and this is a guy who planned to run
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for the white house. >> so where are they spending their money, who is benefiting from their existence? people say there must be some trickle down. >> in terms of where they're spending their money, one of the interesting things, as i said, i really liked robert's piece about the miami mansion, but what's really interesting about this group is that the most powerful, the most appealing status symbol is not one of those fabulous houses or a fabulous yacht or fabulous airplane. the most appealing status symbol is a think tank or foundation which you yourself are running which makes you a global thought leader. someone influencing the world's political agenda. that's the place where these guys really want to start.
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>> and are they prepared to spend a lot of money? >> they are. look at what bill gates is doing and you're seeing him have a real impact on public policy. look at the american super rich. they just wrote a lot of really big checks. sadly, not a great investment to try to get mitt romney reelected. the joke on wall street today is that the bet on romney is wall street's worst bet since subprime authorimortgages. >> still good news all that money went into the advertising and media. >> they subsidized us. absolutely correct. we may not be their favorite people, though. >> yeah, ook. good to see you. thanks very much for joining us. we'll take a short break. all you twinkie fans, breathe a sigh of relief for at least now. details when we come back.
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a quick update on the stories you've been clicking on cnbc.com. spain has a new plan to woo foreigners to invest in its fragile property market. the company planning to offer residency permits to those buying houses over a certain value. if you want to know the value, go online. plus we take a look at the world's highest paid ceos.
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the website has revealing slide show. both of those stories on cnbc.com. meanwhi meanwhile, your headlines. france's finance minister trying to reassure investors after moody's stripped the country of its aaa rating. ban ki-moon has called for an immediate cease fire in gaza. and the u.s. president obama looks set to flag the southeast chiz in a sea issue at the summit in cambodia. more pressure on the banks this morning. new york's attorney general reportedly planning to file a lawsuit against credit suisse. >> credit suisse and other banks sold mortgage backed securities to a group of investors because
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at that time everyone believed that they were safe. so now credit suisse and other banks, they're accused of having sold them and sustained heavy losses in this case of more than $11.2 billion. credit suisse hasn't commented, but the case is set to be filed tomorrow. this follows a settlement between credit suisse, jpmorgan and the sec on friday in which credit suisse paid $120 million, this is for a similar matter, the sale of mbs. and jpmorgan actually paid triple the amount. >> we'll see where that one goes.
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and they're folding the private banking unit and created a wealth banking movement and all in response to the regulatory changes that the entire industry is feeling. so they announced the restructured measures today. they revealed shall personnel changes and the asia and europe ceos are leaving the bank. but reaction from shareholders, credit suisse shares are underperforming down by 2.36%. >> okay. carolyn, thanks for that latest on credit suisse. you mentioned jpmorgan. they're making changes, as well.
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they's named a new cfo. marianne lake will be named next year. lake will report directly to jamie dimon. bra braunstein will become chairman. stock up 1.2% in frankfurt. and twinkie has gotten a stay of execution. hostess has agreed to intermediaente intermediate yaenter mediation. the company announced friday it was shutting down. this after the union walked off the job the week before. now the june says he wants to try everything in order to save around 18,000 jobs. still to come, meg whitman's
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trials and tribulations. we'll preview the latest earnings report for the pc maker. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office.
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at e-trade, our free online tools and retirement specialists can help you build a personalized plan and execute it with a wide range of low cost investments. get a great plan and low cost investments at e-trade. strong gains yesterday there the u.s. and european markets. it the u.s., october housing starts are out. jeffrey lacker speaks followed by ben bernanke.
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hewlett-packard reports, as does campbell's soup, hormel, medtronic. so also hewlett-packard reporting fourth quarter results at 7:30 eastern. jon fortt has a review. >> hp has lost about half of its market value so far this year and later this morning, we'll get one more hint at how close meg whitman is to turning things around. wall street's looking for $30.45 billion in revenue and 1.14 crepts in nongaap cps, a 5% drop from a year ago in revenue. a low bar, but not clear hp can clear it. there is a weak corporate pc environment and hp is not making a lot of head way in the networking business. whitman will need a strong showing from services and prinding to make wall street happy. among the big questions i have these earnings results are what
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will the gaap earnings look like this quarter. last quarter hp turned in a staggering gaap loss of $4.49 a share. much on write donees. s also what kind of cash will they generate from operation and how are the inventory levels trending. hp generated 2.48 and days of inventory were up. stats will tell the story of hp's health better than the nongaap numbers. which brings us to the 20 around 2013. whitman said it would be a fix and rebuild year in a worsening macroeconomic environment. she said to expect a broad based profit decline across most businesses, but especially in enterprise services where revenue would drop 11% to 13%. operating margins near zero. that set as 24rethreshold for everything else. hp needs to keep the other business declines in the mid single digits or it will look
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like the turn around will take longer to turn up. >> joining us is stephanie link at the street.com. thanks very much for joining us. plenty withere to pick up on. what do you think will happen with revenues? >> hi, ross. i think that there's a chance at least on on the bottom line that the company will meet and actually could even beat consensus just because of cost controls. so the headline print of earnings might be better than expected. but to your point of revenues, i definitely think they will be below plan. some are expecting as low as a billion miss. i don't know if it that's the case. but clearly with 50% of their total revenues being pcs and printers, they have problems not only early, but cyclically. pc side all talked to weak demand, and market share loss i think you'll see at hp.
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on the printer side, data points that the competition continues to be pretty fierce. i think you'll see a little bit better servers and services, which is a good point. however, i still think losing market share and i think the mar are begins will be disappointing. and of course 36% of their total revenues come from europe, so that won't happen. you add all this together and i don't see how they'll have a good headline on the revenue side. >> so even the healthier sector, they'll lose market share and mar begins are down. so when they start looking at 2013 as a year of rebuild, what can they do? >> well, they'll have to continue to invest. that's the issue. so they'll restructure, cutting costs. and that will help margins. but at the same time, they've got to invest. they starved eds for years. so they have to start to slowly put that back together. but you're going up against two fierce competitors in ibm and
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accenture. and i just think that they're really behind by several years. so i think it will take a long time. now, they'll have make acquisit but they don't have a lot of room on the cash line and they won't be paying with stock. so i think it will be a long time to turn around this story and so as a result, it's cheap, it's a 3.8 times forward earnings. but it's cheap for a reason. >> okay. stephanie, clear enough. thanks for that. have a good day. that's it. coming up next, the cou"squawk before whatever happens, we hope you have a profitable day.
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#. markets on the move. stocks start a holiday short week on a bullish note. best one day rally since september. chairman speaks. ben bernanke set to deliver an address to the economic club of new york this afternoon. and on the corporate front, quarterly results due before the bell from hewlett-packard, best buy, campbell's soup, medtronic, dsw, hormel, and chico's and maybe twinkie's aren't going for good. it's tuesday, november 20th, 2012. "squawk box" begins right now.

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Worldwide Exchange
CNBC November 20, 2012 4:00am-6:00am EST

News/Business. Ross Westgate, Kelly Evans. Ross Westgate and Kelly Evans consider the business stories that have global significance. New.

TOPIC FREQUENCY U.s. 32, Us 21, China 12, France 11, Miami 10, S&p 8, Brussels 7, South China 7, Spain 7, Glencore 7, Moody 's 6, Hp 6, Ben Bernanke 5, Athens 5, Israel 4, America 4, Cambodia 4, Chapman 3, Silvia 3, Medtronic 3
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